Three of the Premier League's four involved teams have made it through to the knockout stages of the competition.
Indeed, priced at 12/1, City are the best-rated English club by the bookmakers, with Arsenal behind them on 16/1.
The overall favourites are far ahead at 5/2 (Barcelona), while Bayern Munich follow at 11/4 and Real Madrid are at 5/1.
Considering Manchester City's poor record in Europe, one might question the wisdom of the bookies here. City are certainly in better shape than Chelsea, though, whose odds are explained by their abject Premier League form.
Arsenal's odds, too, are no doubt affected by their sub-par performance in their Champions League group.
The Gunners have never won the competition but did produce a heroic effort to dig themselves out of a hole with a 3-0 win over Olympiakos. Manchester City and Chelsea topped their respective groups, although it certainly looks as though it will take at least a minor miracle for any English side to stop Barca, Real or Bayern.
The odds may change once the draw for the next round is made, of course...